India: Fintech firm CRED raises $80m funding led by DST Global partners

Photo: Pixabay

By Pramugdha Mamgain

December 1, 2020

Bengaluru-based credit card bill payment app CRED has raised $80 million in equity financing led by partners of DST Global along with the participation of Sequoia Capital, Ribbit Capital and Tiger Global, per media reports.

With the latest funding, CRED has attained a valuation of $800 million. The Kunal Shah-led startup was reportedly valued at about $450 million when it had raised $120 million in its Series B round in August last year.

Founded in 2018, CRED rewards users for paying their credit card bills on time in the form of CRED coins which can be redeemed for various products in its online store. It claims to have over 1,300 brands as members, including Samsung, Myntra, Curefit, BookMyShow, and Airbnb.

The company also offers flexible, low-interest, instant loans via its CRED Stash product, and allows members to pay their monthly rents on credit as part of its CRED RentPay service.

CRED has also been aggressive on the marketing efforts over the past few months. It had also won rights to official sponsorship of the recently concluded Indian Premier League (IPL).

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW